INSURERS are paying out heavily as Jamaicans stricken by the novel coronavirus and the beneficiaries of those who have died make claims.
Guardian Life Limited indicates that it processed over 100 death claims for Individual Life and settled over $115 million in death benefit claims relating to COVID-19, to date, since the outbreak of the pandemic in 2020. Otherwise, the Insurance Association of Jamaica (IAJ) indicates that so far, data are not yet available on an industrywide basis for COVID-19-related claims. More than 1500 Jamaicans have so far succumbed to the virus.
Debra Lopez Spence, the newly appointed president of Scotia Jamaica Life Insurance, said the industry has been a source of support for families impacted by COVID-19 and its attendant health challenges. However, she noted, only few families have coverage because the proportion of Jamaicans who are insured is relatively small.
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